Although Bitcoin’s price was steady above $52,000, the positive impact moved towards the rising prices of crypto tokens, which could eventually sustain the crypto market rally.
In a positive move, Bitcoin was able to go above $52,000 at the beginning of the week. It could consolidate above the mark in the days ahead, setting the tone for a prolonged rally. In the meantime, prices of crypto tokens other than BTC have also increased in the market. ETH, SOL, DOGE, and MATIC were in the green, while others also experienced bullish waves.
Meanwhile, the crypto volatility in the market has worked in the favor of bulls. They haven’t booked profits yet, as they could be anticipating a longer upward trend. The crypto volatility over the weekend was relatively less, though. Moreover, there are no signs of bearish activity near BTC’s trading range currently.
At the same, positive data has emerged from venture capital data firm PitchBook. The firm’s comprehensive report stated, “For the first time since Q1 2022, deal value actually increased, hitting $1.9 billion across 326 deals in Q4 2023, according to PitchBook’s latest Emerging Tech Research.”
If market sentiments continue rising, the crypto and blockchain sectors could receive a big chunk of private equity funding in 2024. The trend may bode well for all stakeholders of the sector, boosting new projects and innovation.
BTC/USD 1D price chart
Bitcoin is currently trading at around $52,300 on February 19, 2024, with BTC/USD trading higher by a margin of 1.2% in the last 24 hours. Bitcoin’s market cap was trading at around $1.028 trillion.
BTC/USD is trading higher than its 20-day EMA (45,309.39), as BTC’s 24-hour volume was at around $19 billion. The crypto market cap increased by around 2.39%, trading above $1.99 trillion. BTC’s year-to-date returns are at 24.74%.
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